Economics 1.2.6 Word Scramble
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| Term | Definition |
| equilibrium | a state of equality or balance between market demand and supply |
| equilibrium price | trade-off for buyer and seller |
| disequilibrium | prices where demand and supply are out of balance |
| excess demand | when the price of a good is lower than the equilibrium price |
| excess supply | when supply exceeds demand at a given price |
| aggregate demand | the total demand for goods produced domestically |
| tariff | a tax placed on the value of imported steel |
| fiscal policy | involves the use of government spending, taxation and borrowing to affect the level and growth of aggregate demand, output and jobs |
| cyclical demand | demand that changes in a regular way over time depending on factors |
| speculative demand | the holding of real balances for the purpose of avoiding capital loss from holding bonds or stocks |
| cocoa producer cooperatives | seek to increase the selling power of cocoa farmers to gewt a better price fort their output |
| per capita | average per person |
| excise duty/tax | any duty/tax on manufactured goods that is levied at the moment of manufacture rather than at sale |
| oligopoly | a market structure in which a market or industry is dominated by a small number of large sellers or producers |
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jessharris
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